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研究生:廖啟發
研究生(外文):Liaw, Chi-Fa
論文名稱:經營績效,公司規模對股價波動之研究--台灣上市銀行之實證研究
論文名稱(外文):The impact of performance and size of company on fluctation of stock price--A Positive Study on Listed Banks in Taiwan
指導教授:蔡信夫蔡信夫引用關係
指導教授(外文):Hsin-Fu Tsai
學位類別:碩士
校院名稱:淡江大學
系所名稱:管理科學研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:1997
畢業學年度:85
語文別:中文
論文頁數:91
中文關鍵詞:銀行績效規模大小
外文關鍵詞:Performance of BankSize of Scale
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近年來股票指數已由五千多點漲至八千點,而股票指數上漲,銀行股
扮演著重要的角色,因而受到投資大眾的注意,而在眾多的銀行股中,如何
選擇,是投資大眾所注目的o當銀行在追求成長發展之過程中,其規模會隨
著時間之經過以增資方式而逐漸變大,使得股權結構發生改變,進而影響到
股價的變動o在文獻中,國內學者分別只探討績效對股價之影響及公司規模
對股價之影響,而未有人探討過績效對股價之影響再加入公司規模這變數,
本人特就此課題深入研究以瞭解它們之間的變化o 本研究是以上市十一
家銀行為研究對象,研究期間為民國八十年至民國八十四年,選取二十五項
財務比率為經營績效的衡量指標,經主成份分析將銀行分為規模大及小二
群,再加上股價以雙因子變異數分析,以做實證研究,研究結果如下:(1)經
營績效與股價之間的關係,當股價受到經營績效影響時,彰銀''華銀''一銀''
中銀''東企及中信的年報酬率皆比竹企''高企''南企''北企及中企來的高o(2)
銀行規模大小與股價的報酬率會隨著時間的不同而會有不同的結果,當市
場為多頭市場時,有所謂的[正向規模效應]o當市場在空頭市場時,會有所
謂的[反向規模效應]o(3)當市場是多頭市場時,在銀行股方面可注意一下
大規模及經營績效良好的銀行相反的在當市場為空頭市場時,銀行股將不
列入投資組合的考慮o
In recent year as stock market index has shoot from five
thousand to eight thousand points,bank stocks have played a
played a pivotal role and held the limelight.Among so many
choices,how to make a brilliant choice is the key of public
concern.A bank will get its scale augmenting by means of capital
increase with passage of time to cause transformation of
stockholding structure and,in turn,change stock prices.
Literature indicate that scholars both at home and abroad have
probed into only the influence of business performance upon
stock prices and influence of company scale upon stock prices.
Not any scholars have looked into the influence of business
performance upon stock prices coupled with the variable of the
company scale .I''d like to ,therefore,study this to make sure of
the change between such factors.The study takes 11 listed banks
as samples and covers the period of 1991-1995,takink 25
financial ratios as the indexs to weight perfoemance.Thought
factors analysis and grouping analysis,we divide banks into
several groups with four index to rate the scale.Thought
analysis of principal factors,the sample banks are classified
into two groups,big and samll.Further through double -factory
variable analysis of stock prices .we conduct positive study and
bring up the following findings:(1)Relationship between business
performance and stock prices;When the stock prices are subject
to influence of business performance ,Chang Hua Bank,Hua Nan
Bank,Chinese Bank,Taitung Business Bank and Chinstrust
outperform Hsinchu Business Bank,Kaohsiung Business Bank,Tainan
Business Bank and Taichung Business Bank in terms of annual
return rate of investment.(2)Bank scales and return rate of
stock prices vary according to different time . In a bull market
,there will be the so-called "positive scale effect".In a bear
market,there be the so-called "reverse scale effect".(3)
Investors are advised to watch banks of large scale and good
business performance in a bull market. On the contrary,in a bear
market ,bank stocks are not covered under the investment
portfolio.
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